Month-over-Month Changes

In October 2023, the Atherton real estate market experienced notable shifts compared to September 2023:

– Homes Sold: There was a 29% increase in the number of homes sold, with 9 homes sold in October, up from 7 sales the previous month.

– Median Sale Price: The median sale price decreased by 8% from $7,900,000 in September 2023 to $7,295,000 in October 2023.

– Days on Market (DOM): The DOM saw a significant drop to 8 days in October from 48 days in September 2023.

– Percentage of List Price Received: Sellers received an average of 96% of their asking price in October 2023, which is a decrease from previous months.

Analysis

The month-over-month data reveals a dynamic market in Atherton. The increase in the number of homes sold indicates a surge in buyer activity, while the decrease in median sale prices could suggest a market adjustment or a shift in the types of homes being sold. The dramatic decrease in DOM reflects a market where homes are selling much faster than the previous month. The decrease in the percentage of list price received may indicate a slight shift towards buyers’ favor or more realistic pricing strategies by sellers.

Year-over-Year Comparison

Comparing October 2023 to October 2022, Atherton’s market has seen the following:

– Homes Sold: Increased by 50%, from 6 to 9 homes sold.

– Median Sale Price: Increased by 10% from $6.65M in October 2022 to $7.30M in October 2023.

– Days on Market: Decreased significantly by 73%, from 30 days in October 2022 to 8 days in October 2023.

– Percentage of List Price Received: Decreased from 100% in October 2022 to 96% in October 2023.

– Months of Inventory: Decreased by 23%, from 4.4 months in October 2022 to 3.4 months in October 2023.

– Average Dollar per Square Foot: Increased by 11% from $1,662 in October 2022 to $1,848 in October 2023.

Analysis

Year-over-year, the Atherton market has shown significant growth in sales volume and median sale prices, suggesting a strong market with increasing property values. The substantial decrease in DOM indicates a faster-moving market, with homes selling in a shorter time frame. The slight decrease in the percentage of list price received and the reduction in months of inventory point to a market that is becoming more balanced but still favors sellers.

Price Points and Quadrants

The sales details for October 2023 by quadrants are as follows:

– Top Quadrant: 3 homes sold, Median Sale Price: $13,200,000, Median DOM: 170, Avg. $/Sq.Ft.: $2,380.

– Second Quadrant: 2 homes sold, Median Sale Price: $9,497,500, Median DOM: 7, Avg. $/Sq.Ft.: $1,622.

– Third Quadrant: 2 homes sold, Median Sale Price: $6,350,000, Median DOM: 17, Avg. $/Sq.Ft.: $2,038.

– Bottom Quadrant: 2 homes sold, Median Sale Price: $2,657,500, Median DOM: 2, Avg. $/Sq.Ft.: $1,042.

Analysis

The quadrant breakdown reveals that Atherton’s luxury market is thriving, with the top quadrant seeing the highest median sale prices and average dollars per square foot. However, these properties also experienced the longest DOM, indicating a niche market. The second and third quadrants show robust activity with a quicker turnover, suggesting a strong demand for high-end, but not necessarily the most expensive, properties. The bottom quadrant, while moving quickly, indicates there is activity across all price points.

Conclusion

Atherton’s real estate market in October 2023 has shown a healthy increase in activity with more homes sold and a faster sales cycle compared to the previous year. Despite a month-over-month decrease in median sale prices, the year-over-year increase indicates long-term growth in property values. The market dynamics suggest a competitive environment, especially in the higher-end segments, with a strong demand for luxury homes. The detailed quadrant data provides valuable insights for both buyers and sellers, highlighting the diversity and vibrancy of the Atherton real estate market.

Data provided by MLSListings and is deemed reliable but not guaranteed.